Treatment of maturities falling due from February 01, 2007 up to January 31, 2010
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Phases
First phase : From February 01, 2007 up to January 31, 2008, implemented at the signature of the agreement
Second phase : From February 01, 2008 up to January 30, 2009, not implemented
Third phase : From February 01, 2009 up to January 31, 2010, not implemented
Payment of non-consolidated amounts before October 01, 2007
Comparability of treatment provision:
The Republic of Gambia was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2000 and was declared to have reached its Decision Point in December 2000. In this context, the Republic of Gambia commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated June 22, 2007, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Gambia's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Republic of Gambia and creditor countries not listed in these Agreed Minutes.
Consequently, the Republic of Gambia commits not to accord any category of creditors -and in particular creditor countries not participating in these Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Treatment of maturities falling due from July 17, 2002 up to July 17, 2005
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
repayment of ODA credits over 40 years with 16 years of grace
Specific provisions:
Phases
First phase : From July 17, 2002 up to July 17, 2003, implemented at the signature of the agreement
Second phase : From July 18, 2003 up to July 16, 2004, not implemented
Third phase : From July 18, 2004 up to July 17, 2005, not implemented
Payment of non-consolidated amounts before March 01, 2003
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Gambia commits to seek from all its external creditors debt reduction and reorganisation arrangements on terms comparable in net present value to those set forth in the present Agreed Minute for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
The Government of the Republic of Gambia commits to accord all categories of external creditors -and in particular creditor countries not participating in the present Agreed Minute, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Gambia with its creditors not listed in the present Agreed Minute on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the exposure of the creditors not listed in the present Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Gambia as compared to their share in the Republic of Gambia's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Republic of Gambia and the creditors not listed in the present Agreed Minute.
Debt relief of the external public debt on 15th November 2011, following the approval by the International Monetary Fund (IMF) of a new three year arrangement under the Extended Credit Facility on 4 November 2011
Categories of debt treated:
Treatment of arrears as of June 30, 2011
Treatment of maturities falling due from July 01, 2011 up to June 30, 2014
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 years of grace
On an exceptional basis, considering the Republic of Côte d'Ivoire's limited capacity of payment, creditors have also agreed to defer and reschedule over a ten-year period the repayment of maturities due by the Republic of Côte d'Ivoire on short term and post-cut off date debts; and, over an eight-year period the arrears on those claims.
They also agreed to defer all the interest due on the amounts treated. Participating creditors welcomed that these measures are expected to reduce the debt service (including the arrears) due by the Republic of Côte d'Ivoire to Paris Club creditors between 1st July 2011 and 30 June 2014 by more than 78% which corresponds to 1 822 million USD, of which 397 million USD cancelled.
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps:
(i) the amounts of outstanding loans as regards ODA loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of SDR 30 million, whichever is higher.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Côte d'Ivoire under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting following the Completion Point designed to examine the question of the Republic of Côte d'Ivoire's outstanding debt stock and to make the necessary effort in favour of the Republic of Côte d'Ivoire to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of Côte d'Ivoire maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of Côte d'Ivoire has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From July 01, 2011 up to June 30, 2012, implemented at the signature of the agreement
Second phase : From July 01, 2012 up to June 30, 2013, not implemented
Third phase : From July 01, 2013 up to June 30, 2014, not implemented
Comparability of treatment provision:
The Republic of Côte d'Ivoire was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in 2008 and was declared to have reached its Decision Point in March 2009. In this context, the Government of the Republic of Côte d'Ivoire commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 15 November 2011, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Côte d'Ivoire's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Republic of Côte d'Ivoire and creditor countries not listed in the Agreed Minutes dated 15 November 2011.
Consequently, the Government of the Republic of Côte d'Ivoire commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 15 November 2011, commercial banks, suppliers, bondholders and litigating creditors- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Rémy RIOUX, Vice Chairman.
The head of the debtor country's delegation was Mr. Charles Koffi DIBY, Minister of Economy and Finance.
Restructuring of its external public debt, Côte d'Ivoire having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2009
Categories of debt treated:
Treatment of arrears as of March 31, 2009
Treatment of maturities falling due from April 01, 2009 up to March 31, 2012
repayment of non ODA credits over 23 years, with 6 years of grace
repayment of ODA credits over 40 years with 16 years of grace
On an exceptional basis, considering Côte d'Ivoire's limited capacity of payment, and provided that this country continues to implement satisfactorily its IMF supported program, creditors have also agreed to defer the repayment of the arrears accumulated by Côte d'Ivoire on post cut-off date debts, as well as maturities falling due during the consolidation period under the post cut-off date debts and the moratorium interest due during the consolidation period on the rescheduled and deferred amounts. The repayment of most of these amounts will start after April 2012.
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each participating creditor country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps:
(i) the amounts of outstanding loans as regards ODA loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 September 1991 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Republic of Côte d'Ivoire under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Republic of Côte d'Ivoire's outstanding debt stock and to make the necessary effort in favour of the Republic of Côte d'Ivoire to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Republic of Côte d'Ivoire maintains satisfactory relations with the Participating Creditor Countries and a sound reform track record;
- the Executive Boards of the IMF and the IDA decide that the Republic of Côte d'Ivoire has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From April 01, 2009 up to March 31, 2010, implemented at the signature of the agreement
Second phase : From April 01, 2010 up to March 31, 2011, implemented on October 01, 2010
Third phase : From April 01, 2011 up to March 31, 2012, not implemented
Comparability of treatment provision:
The Republic of Côte d'Ivoire was declared eligible for the Enhanced HIPC initiative by the IDA and the IMF in December 2008 and was declared to have reached its Decision Point in March 2009. In this context, the Republic of Côte d'Ivoire commits to seek promptly from all its external creditors which are not participating in the Agreed Minutes dated 15 May 2009, their appropriate contribution in terms of debt relief to the Enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Republic of Côte d'Ivoire's external debt, the nature and characteristics of all treatment applied, including debt buybacks, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Republic of Côte d'Ivoire and creditor countries not listed in the Agreed Minutes dated 15 May 2009.
Consequently, the Republic of Côte d'Ivoire commits not to accord any category of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 15 May 2009, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries.
Cut-off date:
July 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Ramon FERNANDEZ, Chairman of the Paris Club
The head of the debtor country's delegation was Mr. Charles KOFFI DIBY, Minister of Economy and Finance
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favor of the Democratic Republic of Congo under the enhanced HIPC Initiative, the Government of the Democratic Republic of Congo and the Participating Creditor Countries agree in principle to hold at Completion Point a meeting to examine the question of the Democratic Republic of Congo's outstanding debt stock and to make the necessary effort, in favor of the Democratic Republic of Congo to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Democratic Republic of Congo maintains satisfactory relations with Participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Democratic Republic of Congo has reached its Completion Point under the enhanced HIPC Initiative.
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Democratic Republic of Congo commits to seek promptly from all its external creditors debt reduction and reorganization arrangements on terms comparable in net present value to those set forth in the Agreed Minute dated September 13, 2002 and the present Amendment for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
The Government of the Democratic Republic of Congo commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute dated September 13, 2002, commercial banks and suppliers- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.
For the purpose of the comparison between the arrangements concluded by the Government of the Democratic Republic of Congo with its creditor countries not listed in the Agreed Minute dated September 13, 2002 on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditor countries not listed in the Agreed Minute dated September 13, 2002, the level of cash payments received by those creditor countries from the Government of the Democratic Republic of Congo as compared to their share in the Democratic Republic of Congo's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Government of the Democratic Republic of Congo and the creditor countries not listed in the Agreed Minute dated September 13, 2002.
Treatment of maturities falling due from March 09, 2006 up to September 30, 2007
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%), after cancellation to a rate of 90%
Specific provisions:
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance under the enhanced HIPC Initiative, the Participating Creditor Countries agree in principle to hold at Completion Point a meeting to examine the question of the Republic of Congo's outstanding debt stock and to make the necessary effort, in favor of the Republic of Congo, to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of Congo maintains satisfactory relations with the Participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Government of Congo has reached its Completion Point under the enhanced HIPC Initiative.
Comparability of treatment provision:
yes
Cut-off date:
January 01, 1986
Organisation of the session:
Amendment signed by Mr. Ambroise Fayolle, Co President of the Paris Club.
Further restructuring of its external public debt following the Union of Comoros’ reaching the Decision Point under the enhanced Heavily Indebted Poor Countries initiative on 21 and 29 June 2010.
Categories of debt treated:
Treatment of maturities falling due from June 01, 2010 up to June 30, 2013
As agreed in the agreement concluded in November 2009, a further reduction of 50% will be applied to the debt service of the Union of the Comoros from the dated of the Decision Point.
Several creditors intend to grant additionnal debt relief on a bilateral basis to the Union of Comoros beyond the terms set in the Paris Club agreement.
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps:
(i) the amounts of outstanding loans as regards ODA loans;
(ii) the amounts of other outstanding credits, loans and consolidations, up to 20% of the amounts of outstanding credits as of 30 June 2009 or up to an amount of 30 million SDR, whichever is higher.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Union of the Comoros under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Union of Comores' outstanding debt stock and to make the necessary effort in favour of the Union of Comores to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Union of Comores maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Union of Comores has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From June 01, 2010 up to June 30, 2010, implemented at the signature of the agreement
Second phase : From July 01, 2010 up to June 30, 2011, implemented on March 21, 2011
Third phase : From July 01, 2011 up to June 30, 2013, implemented on July 04, 2012
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Union of the Comoros commits to seek from all its external creditors debt reduction and reorganisation arrangements on terms comparable in net present value to those set forth in the Agreed Minutes dated 13 August 2010 for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Union of the Comoros commits to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes dated 13 August 2010, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Union of the Comoros with its creditors not listed in the Agreed Minutes dated 13 August 2010 on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the exposure of the creditors not listed in the Agreed Minutes dated 13 August 2010, the level of cash payments received by those creditors from the Government of the Union of the Comoros as compared to their share in the Union of the Comoros's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Union of the Comoros and the creditors not listed in the Agreed Minutes dated 13 August 2010.
Cut-off date:
June 20, 1999
Organisation of the session:
By written notification from Mr. Rémy RIOUX, Vice President of the Paris Club, and Mr. Mohamed BACAR DOSSAR, Minister of Finance, Budget and Investement of the Union of the Comoros.
Restructuring of Chad's public external debt. Given its track-record of reforms as well as the burden of its external indebtedness, Chad reached in May 2001 its decision point under the enhanced HIPC Initiative. A three year arrangement under the Poverty Reduction and Growth Facility was approved by the International Monetary Fund on January 7, 2000.
Categories of debt treated:
Treatment of arrears as of April 30, 2001
Treatment of maturities falling due from May 01, 2001 up to September 30, 2005
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%)
repayment of non ODA credits over 23 years, with 6 years of grace, after cancellation to a rate of 90%
On a voluntary and bilateral basis, the Government of each creditor country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps: (i) all ODA loans; (ii) the amounts of outstanding consolidations mentioned in paragraph 1. above, up to 10% of the amounts of outstanding credits as of March 31, 1994 or up to an amount of SDR 10 million, whichever is higher. Participating creditor countries and the Government of the Republic of Chad will inform semi-annually the Secretariat of the Paris Club, who will inform other creditors, of the debt swaps agreements they have implemented. All elements necessary to evaluate the operation, its impact on the Republic of Chad's economy and on the evolution of creditor's exposure will be transmitted to the Secretariat including: its nature and purpose; the parties to the debt swap ; the amount, type and value of the debt treated ; the price of sale to investors and the expense of the Republic of Chad.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Republic of Chad under the enhanced Debt Initiative for the Heavily Indebted Poor Countries, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the completion point designed to examine the question of the Republic of Chad's outstanding debt stock and to make the necessary effort, in favour of the Republic of Chad to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that :
- the Republic of Chad maintains satisfactory relations with the Participating Creditor Countries, fully implements all the agreements signed with them and maintains a sound adjustment track record;
- the Boards of the International Monetary Fund and the International Development Association decide that the Republic of Chad has reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries.
Phases
First phase : From May 01, 2001 up to March 31, 2002, implemented at the signature of the agreement
Second phase : From April 01, 2002 up to March 31, 2003, implemented on November 13, 2002
Payment of non-consolidated amounts before November 30, 2001
Comparability of treatment provision:
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Chad commits itself to seek from all its external creditors debt reduction and reorganisation arrangements on terms comparable in net present value to those set forth in the Agreed Minute dated June 12, 2001 for credits of comparable maturity. Comparability of treatment for debt reduction in net present value is assessed not only on the basis of the reduction in the face value of the debt but also on the terms of repayment of the debts not cancelled.
Consequently, the Government of the Republic of Chad commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minute, commercial banks and suppliers- a treatment not more favorable than that accorded to the Participating Creditor Countries.
For the purpose of the comparison between the arrangements concluded by the Government of the Republic of Chad with its creditors not listed in the Agreed Minute on the one hand, and arrangements with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the exposure of the creditors not listed in the Agreed Minute, the level of cash payments received by those creditors from the Government of the Republic of Chad as compared to their share in the Chad's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganised claims and in particular their repayment terms whatever forms they take, and in general the financial relations between the Government of the Republic of Chad and the creditors not listed in the Agreed Minute.
Cut-off date:
June 30, 1989
Organisation of the session:
The meeting was chaired by Mr. Bruno Bézard, Vice President of the Paris Club.
The head of the debtor country's delegation was Mr. Mahamat Louani Goadi, Finance Minister.
Treatment of maturities falling due from September 01, 2007 up to November 30, 2009
Repayment profile:
Treatment under Cologne terms (cancellation rate of 90%)
Specific provisions:
Possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps:
(i) the amounts of outstanding loans and consolidations as regards ODA debts;
(ii) the amounts of other outstanding credits, loans and consolidations referred to in the agreement, up to 20% of the amounts of outstanding loans, credits and consolidations as of 31 March 1994 or up to an amount of 15 million SDR, whichever is higher.
Good will clause
Given the decision by Paris Club Creditors to contribute to the exceptional assistance in favour of the Government of the Central African Republic under the Enhanced HIPC Initiative, the Participating Creditor Countries declare their readiness in principle to hold a meeting at the Completion Point designed to examine the question of the Central African Republic's outstanding debt stock and to make the necessary effort in favour of the Central African Republic to allow it to reach the objective of its debt sustainability in the context of an equitable burden sharing among creditors, provided that:
- the Government of the Central African Republic maintains satisfactory relations with the Participating Creditor Countries and a sound adjustment track record;
- the Executive Boards of the IMF and the IDA decide that the Central African Republic has reached its Completion Point under the enhanced HIPC initiative.
Phases
First phase : From September 01, 2007 up to November 30, 2007, implemented at the signature of the agreement
Second phase : From December 01, 2007 up to November 29, 2008, implemented on June 27, 2008
Third phase : From December 01, 2008 up to November 30, 2009, implemented on July 17, 2009
Comparability of treatment provision:
The Central African Republic was declared eligible to the Enhanced HIPC initiative by the IDA and the IMF in March 2007 and was declared to have reached its Decision Point in September 2007. In this context, the Central African Republic commits to seek promptly from all its external creditors which are not participating in these Agreed Minutes, their appropriate contribution in terms of debt relief to the enhanced HIPC initiative, on top of traditional debt relief mechanisms and consistent with the proportional burden sharing based on their relative exposure in net present value of total external debt at Decision Point after the full use of traditional debt relief mechanisms.
The appropriate nature of the debt relief provided will be assessed not only on the basis of the reduction in the net present value of the debt as computed under Appropriate Market Rate, but also on the terms of repayment of the debts not cancelled. For this purpose, all relevant elements will be taken into account, including the level of cash payments received by those creditors as compared to their share in the Central African Republic's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Central African Republic and creditor countries not listed in Agreed Minutes.
Consequently, the Central African Republic commits not to accord any category of creditors -and in particular creditor countries not participating in Agreed Minutes, commercial banks, suppliers and bondholders- a treatment more favourable than that accorded to the Participating Creditor Countries
Cut-off date:
January 01, 1983
Organisation of the session:
The meeting was chaired by Mr. Ramon FERNANDEZ, Vice Chairman of the Paris Club.
The head of the debtor country's delegation was Mr Nicolas NGANZE DOUKOU, Deputy Minister for Finance and Budget.
